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Tilak Karunaratne, the former Chairman for the Securities and Exchange Commission says that President Mahinda Rajapaksa as the Minister of Finance brought pressure on him to resign from his post as chairman SEC. Tilak Karunaratne is interviewed by the Sunday Leader editor Frederica Jansz and below we published the Sunday Leader interview;

FJ: Your predecessor Indrani Sugathadasa was forced out despite being a senior highly regarded public servant and wife of President’s Secretary Lalith Weeratunga. In those circumstances why did you accept the appointment as Chairman of the SEC?

TK: Good question. There were two things. I knew what was happening. I had also been a long term investor in the bourse. And I have also been a keen student of what was happening in the SEC. Indrani, in my view, was at a disadvantage because her husband is Secretary to the President so whatever moves she would probably have also made would embarrass her husband. Therefore she obviously would not want to do certain things which would embarrass Lalith. So she was at a disadvantage. I did not have those disadvantages.

I also got clearances from the president that I would have a free hand. Prior to this he offered me three other posts. One was as Ambassador in Japan which I politely turned down saying I am not a diplomat. I call a spade a spade and I am not suited to be a diplomat. He then asked me to take over as Chairman of the Petroleum Corporation. I said that is a den of rogues and thieves and I don’t want to get involved in that. Again thereafter Lalith called and told me, “HE thinks you’re the best man to go as ambassador to London.” But I told Lalith I have previously also turned down his offer as a diplomat so I don’t want to go anywhere. So I had been turning down all these offers the president had been making to me. Then when he came to Ananda College on my invitation to celebrate its 125th anniversary of the College, that was in November last year, he said “Tilak you have been saying no to everything but now there is a job that is suited for you. I know that you have been an investor in the stock market and you know what is happening there. Don’t say no this time, accept it.” I wanted 48 hours to think about it I consulted my wife and my family and friends. They all advised me against it saying this is a real hot seat. You should just relax and go play your bridge and go to the jungles and spend quality time with your grandchildren. But I said no, I must take up something this is a challenge… and then I said yes to the President.

FJ: You are a well informed man. Did you really believe that you could take on the so called ‘Share Market Mafia’ who are backed by people at the highest levels of this government?

TK: I have a lot of confidence in me. And I thought the President would support me. And that between the two of us we would be able to clean up the bourse and get rid of this mafia. That is what I thought.

FJ: If that is the case why then did you resign. Shouldn’t you have gone ahead with what you were doing despite the pressure for you to resign?

TK: But when the pressure comes from the very person who appoints you. then what alternative do you have?

FJ: It is still not clear who asked you or pressurized you to resign?

TK: Obviously the appointing authority is the Minister of Finance. According to the SEC Act the Chairman and the Commissioners and the Director General are appointed by the Minister of Finance. So the Minister of Finance is the appointing authority. So when the pressure comes from the same quarters, how do I resist it?

FJ: So the President pressured you to resign?

TK: I am saying that the Minister of Finance was the person.

FJ: The President is the Minister of Finance.

TK: Yes.

FJ: So he asked you to take this post and then he pressurized you to resign?

TK: Not directly, where he picked up the phone and said Tilak you have to go. But I got the message through those quarters who are very close to him as well as guys whom I also know quite well.

FJ: If what you have called the ‘Mafia’ accuse you of creating a fear psychosis and over regulating the market?

TK: I can only quote Koshi Mathai on that. He has said this is laughable to say the Colombo Bourse is over regulated. This is one of the least regulated stock markets in the world. I have studied the various jurisdictions specially the markets in the region. We are nowhere near. We are in the 1980s. We were formed in 1986. We are still in the 1990s whereas in actual fact we are in 2012. So compared to the other capital markets we are the least regulated. So this is a joke.
In response to your question on my having created a fear psychosis that is a creation of this Mafia! What is the fear psychosis we have created? In the course of usual investigations we have sent out letters. Not only to the people who are being investigated but to those who we have some information and are connected to these people. For example if inquiring into the activities of a broker, sometimes we may send letters to his client and ask him for an explanation. The worst case scenario would be calling them to record a statement. These letters have been going out since 2004. The letter is standard. They are sent under the various sections of the Act quoting from chapter and verse… and any failure to respond will be dealt with under this section. Similarly, Income Tax and various government entities do it. Under the various sections penalties apply. So there is nothing wrong with that. The only thing is the number of letters that have been going out is higher. Because these were virtually in cold storage. Initially the commissioners asked the director investigations for a progress report which had not been submitted for the last six months. When I asked why and the other commissioners asked if it was a commission decision he said no, but that he had got orders from another quarter to cease the investigations.

FJ: Who is the Director Investigations? And who gave him such an order?

TK: The Director Investigations is Dhammika Perera. He said he was asked to cease or put a stop to investigations. The order had come from the previous DG Malik Cader.

FJ: Malik Cader asked him to stop the investigations?

TK: That he was asked to cease or put a stop to the investigations. So then the commission – not me – the commission decided, no it should not be so that we must recommence investigations. So when we started investigations we sent out letters so naturally the number of letters we sent out was much higher than before.

FJ: Who exactly is this Mafia? Can you name them?

TK: I don’t want to name them because we don’t have sufficient evidence to take them to courts or to bring a case against them at the moment. Even when the COPE asked me who the mafia was I said I am sorry I cannot name them but I think people who generally deal with the Bourse with the Stock Exchange know very well who they are. There is a very select group of so called high net worth investors. They call themselves that – I don’t call them high net worth investors. They are ruthless – Now when there are 28 brokers – the investors…. these guys who are manipulating it would be certainly less than 10, out of 221,000 accounts in the market. So it is a very minute group. But they are so very powerful.

FJ: Who could have influenced the President to get rid of you? After all he offered you the job. He wanted you there. So who could have pressured him?

TK: Certainly this group. It is very unfortunate the President did not call us and ask for our side of the story.
Even that famous meeting he had with selected investors and the brokers and Chairman and Commissioners of SEC and Chairman and Directors of the Colombo Stock Exchange. The way it was arranged… first the brokers were called in and they occupied the centre table… on one side of the President was Gitanjana Gunawardena, Deputy Minister of Finance and Planning, then Sajin Vaas Gunewardena and myself … I had to call Krishan Balendra Chairman CSE (he was looking for a seat) and got him seated next to me – my commissioners and his directors were looking for seats.
They were all over the place. The brokers were occupying the main table! And then the President asked Dilith (Jayaweera) to make a presentation. So it was very unfair because only one side of the story was given.

FJ: What is your advice to the hundreds of small retail investors who invest in the market?

TK: The first thing is the selection of a broker. Anyway you have to go through a broker despite now being able to do internet trading we are still not very well informed. We don’t know what is happening in the stock market.
It is not like betting on a horse. You have to study it. So first thing is to select a good broker. And then study published regular research on previous stocks and not take the broker’s advice as the gospel truth.
Do your own research. But a small time investor does not have the capability to do that. The other thing is he should not put all his eggs in one basket. Like in the Golden Key case – like those with only one million rupees. Recently, I had a couple who came to me – they had an infant child too – they came to me and said Sir, I have only one million rupees – money he had got as dowry.
So he discussed with the wife and invested in the Stock Market. And it went up to three million with the pumping up. Then he wanted to exit. But his broker had said no. Don’t exit it is going up further hang on. So he waited. Now it has gone down to 3 ½ lakhs. This man complained to me and I am finding the Broker at fault but I cannot act against him. He asked me to help. We looked at all the possibilities but there was nothing very much we could do.
There are so many complaints like this against brokers. There are files and files full of complaints. So my advice is don’t put all your eggs in one basket. Use 25% of your investment in the Stock Market – Also, go through a unit trust rather than a stock broker – a unit trust would give you a fixed return though it may not be the best return you can get but at least your investment will be safe – your investment can get wiped out here. So the choice is entirely upto the ignorant retail investor but he must act prudently.

FJ: The criticism from the other quarters is that both you and Indrani Sugathdasa were unsuited for this position.

TK: I don’t know why they are saying so. If you look at the London Stock Exchange is presently headed by a Chemical Engineer. Who retired as director of British Petroleum. He is not the regulator he is the promoter.
As regulator you must have a knowledge of the market which I have and I have been an investor myself for a long time as well as I have been a student of what was happening there.
So I completely reject that accusation. I am not qualified to speak about Indrani Sugathdasa – but even in her case she is a very experienced administrator and the learning curve was quite steep for her. But within three months or so she learnt a fair amount. I think what they mean by not suitable was that we both stood up to them and they were not able to control us and dominate us.
That is the suitability they are talking about. They want a very weak regulator and a very weak Chairman whom they can control.

Latest comments

mike/August 25, 2012

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…”Mahinda, you have to go along with your two rowdy rugby players” !!

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China Doll/August 27, 2012

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All the crooked deals of the rogue president of Lanka and his family and cronies are protected by a paramilitary outfit named Rakna Lanka which is really a private militia for the Rajapakse family dictatorship. The Rakna Lanka paramilitary outfit that protects the criminal family that runs the country and is destroying the economy MUST BE SHUT DOWN.
Rakna Lanka militia is a means to intimidate and silence critical voices and exposure of the endless crimes of the regime and its looting of public wealth and assets.
The existence of Gota the great goon’s private militia is very dangerous for democracy and accountability and perpetuates regime impunity. It is also a total waste of tax payers’ money given that it is subsidized by state coffers… and the education sector which needs to pay a private militia for university students to undergo military training! What a bloody joke of the highest order when the state cannot even afford to keep the universities functioning!

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Piyadasa Yalagala/August 25, 2012

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You are also as Chairman of SEC too weak,and poor knowledge of Capital and Stock market operation.All of your govering ruiling elites are in same political line of thinking tank.Sorry to say you have been resrestantive of Weak member of system of Capitalism.
Is fact, there are euough room to be expanded the Island Capitalism.And more an oppounity of developing Capital and Stock market in the country;until you were capble study and reserch developing Capitalism in Sri lankan and at the same time emerging Asain market as well ,you cannot understand rise of potentiatl our growing capital market without such epistomological outlook.
We not towards primitive simple commodity,of Capitalism, contrary to we heading for larger money circulation of Finicial Capital market.Stock market form of Money circulation and its laws were derivative.
The new economy discovery, of finical market is quite correct,this will contribute considerbly to reduce the insane circulation of stock market fundameentals.
In these more abstract stock and capital developement ,you have committed the great mistake of not making the sequence of thought clear by a larger number of samll section and separate headings.
This shows your approch of Capital market totally wrong,and your an appoinment by MR in wrong calculation of Minister of Fiancce.
You have been entrused duty and responsibility by MR you cannot carry out such huge task were under Capitalism move forwared headed by Mr Tilak Karurtana of Ex Chariman of SEC.
What an attempt is made here by your interview, is to set out the question so simply,even in such a schoolboy manner ,not scientific exposition of SEC.
SEC responisibility of improve its internal controls and prevent futher insider trading,fell short of instruting by your authority.
What see the managemnt and administrative order focuesd of stock Brokerage flawed incuding insufficient compliance procedures and its failure to esatblished a FIREWALL between its investores and brokers.
Taking into account the fact that information given by you I belive you also to bear heavy responsibilty. Mafia as well as corrupation are commn phonomena of all leading capital market in even develop Capitalst countries.But to prevent and proteced is duty of those who has been take in Charge such Instituation and its mission.

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Ruka/August 26, 2012

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The title of the article says “MR Picked Up The Phone And Said Tilak You Have To Go”
But in the content of the interview it is stated
“TK: Not directly, where he picked up the phone and said Tilak you have to go.”

Don’t know whether CT or Sunday Leader picked the title but things are twisted as in Colombo Stock Exchange :)

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Despthoughts/August 27, 2012

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So is the mirror image of the current regime. Almost every matter is seen twisted.
what do you expect from a leadership who would do every gimmick to stay in power ? Check the tabloid for today, although EC ´s guidelines clearly mention – MR perse violates election propaganda laws, while the masses just observe passively.

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Ruka/August 26, 2012

So it is Colombo Telegraph who put a title and matching photo for a contradictory interview content.

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Dodo/August 26, 2012

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If this Tilak Karunaratne is so clean and the investigation is blocked he should name and shame the stock market mafia – be a WHISTLE BLOWER, set a better example that his predecessor the corrupt presidents’ secretary’s wife, Indrani!
Tilak seems to be acting all coy here while giving the game away to the stock market mafia by saying “we do not have enough evidence to go to court etc. and they will see to it that there is not enough evidence Seems that Tilak is indulging in legalese to cover up something or is scared..! My bet is that the presidents brother Mr. ten percent and son Namal and the SPORTS, CAR RACING AND TOURISM AND MILITARY MAFIA who were also responsible of the death of a rugby player some time back are part of the stock market mafia! Tilak should have made photocopies of all document leave it with someone trustworthy.. since his days may be numbered too!

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gamini/August 26, 2012

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From the Horse’s mouth. This man Mahinda Rajapaksa is CORRUPT to the core. If people yet believe that he defeated the LTTE killing VP is another deception he committed with the help of America and India, where he had understandings with the very VP, without whose help MR could not have become the President. VP got played out in his own game, where another lot of the LTTE led by KP crowd betrayed and have replaced VP, ably assisted by America and India to project this CORRUPT MR as a Leader who will play ball with America and India. However MR is having difficulty in yielding to Promises made prior, lest he gets exposed as the Biggest TRAITOR this Nation had seen in it’s history.

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Lanka Muslim, UK/September 1, 2012

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The words ‘TRAITOR’ and “PATRIOT’ are misused in Sri Lanka. Anyone who is critical of the politicians in power in the the interest of the people and country are labelled as traitors and who are in power resorting to corruption, promote communalism and practice violence are praised as patriots.

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Lanka Muslim, UK/September 1, 2012

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This is done following the George Bush’s doctrine of ‘If you are not with me you are the enemy of the people’ although our national-clad self-styled hero’ tell the people that they should not go behind the US and the West.

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Senguttuvan/August 26, 2012

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Is there such a thing as Honour among Thieves? And that too in a country and culture bathing in crass venality. In fairness to Tilak K, he may have tried but he certainly could not have hoped to win.

Senguttuvvan

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Sam/August 26, 2012

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Corruption has pervaded all aspects of government/governance.
This is a prime example.

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punchinilame/August 26, 2012

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The hordes of money confsicated from the LTTE hideouts in May 2009
could have been laundered through the Stock Market using henchmen
and some amount show as in the custody of the MOD with any
addition from KP – all going into the making of SL Stock Mkt. as the best in the world in 2010! So the mafia is known but white-vans are
still in operation. Who cares – even Tilak accepted defeat. There
are none with a back-bone to stand against the version the King needs.
His immunity is now International and Wimal is not around to make
a claim! This affair will also die off with time as even COPE is in
a no-go mode. The Parliament itself is tongue-tied.
Elections are all that matters.
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Nuwan Chadaratana/August 26, 2012

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We are not looking (MR) CLAEN,but want who can deliver the goods withing ongoing frame work of Capital and Stock market efficient and fast tracks Mode of operandi.

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Chandra Goonewardene/August 27, 2012

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This is a chidlsh interview of who appears to be a childish man. What naivete to expect MR to back him against all others purely because Thilak K. had confidence in himself. Was he so terribly unaware that MR is at the bottom (or rather the top) of all the corruption?!!

Plus, his English is wrong! How can it be “I had confidence in me’!

All in all, not surprised that he had to so unceremoniously leave!A failed politician and – despite all the media hype – a failed regulator.

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Real Peace/August 27, 2012

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His English is perfect. I have seen MR speaking (murdering) English!!

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Ainsley Abeywickreme/August 28, 2012

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No one is comparing English used by MR here. Why don’t you look at the simple grammer of the sentence ‘ I had confidence in me’ and then find out for yourself who is perfect and who is not.

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Real Peace/August 27, 2012

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Yes, MR is corrupted to core, but removing him from office will NEVER be possible. He will spend the massive amont of money he looted to buy votes & play the LTTE videos for at least 4 weeks day & night from all state TV stations before elections and the Sinhala mass will give him a massive majority. He is a president for life. Even if there is a revolution in the country, China will give him sufficient cluster bombs to root out any agitation in the country.

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punchinilame/August 27, 2012

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SL will be the Southern Tibet for China, to curb India and MR Regime is
bound to go with it – as long as MR & Family are permitted by China to
rule SL – this is the understanding and the Village voter can be
bought over easily.

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Nuwan Mhahnama/August 27, 2012

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China never will provide cluster bombs,against anti-governamnt forces the MR ruling party.China will support MR regime because it has ecected by elecated people of Sri Lankan.
China respect our democracy, soverignty and terrorial intergrity of People of Sri lankan.Likes Indian,who had been tranined Tamil terrorsist in thier soil ,China will never involve such actvities against any community of Sri lankan.
Since 1949 foundation of PRC follow non-interferance of INTERNAL AFFIRS OTHER COUNTRIES ARE PRINCIPLE OF INTERNATIOANL RELATION WITH OTHER NATIONS.
We as Sri Lankan ,should NOT make unnecssary alligation against friendly like Chaina and other as well.
Corrupation and mismanagament of MR ongoing Governamnt policies, we have to deal with separate political agenda,without involve with any foreing country.

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Real Peace/August 27, 2012

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Sir, you know what’s going on in Tibet, don’t you? China invaded and now occupies Tibet. What are you talking?

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Native Vedda/August 27, 2012

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Nuwan Mhahnama

Indeed China is a peace loving country,

a piece from India,
a piece from Pakistan,
a piece from Japan,
a piece from Philippines,
a piece from Taiwan,
a piece from Vietnam,
a piece from Malaysia,
a piece from Indonesia,
a piece from Burma,
a piece from Tajikistan,
a piece from Kyrgyzstan,
a piece from Kazakhstan,
a piece from Russia and
a large piece of Tibet.

China respects domestic Democracy and it also respects other democracies.

You must be crazy.

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Silva/August 28, 2012

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Native, If I may add one more, a piece from Sri Lanka in near future!

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Native Vedda/August 28, 2012

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Silva

is worried:

“Native, If I may add one more, a piece from Sri Lanka in near future!”

You are rest assured Sri Lanka is a Sinhala state of India. North East would be part of Madras Presidency.

The post of President of Sri Lanka will remain unchanged, it would be no more than a glorified Governor’s job, answerable to Delhi, yet elected by the stupid Tamils and stupid Sinhalese.

I don’t like this future arrangement.

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Lanka Muslim, UK/August 28, 2012

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And China curbs Ramadan fasting in Xinjiang
Authorities forbid Communist Party cadres, civil officials and students from marking Ramadan in mainly Muslim province.

Xinjiang has been under heavy security since 2009 when long-simmering ethnic tensions boiled over [GALLO/GETTY]

Chinese authorities in the northwestern province of Xinjiang have banned Muslim officials and students from fasting during the month of Ramadan, prompting an exiled rights group to warn of new violence.

Guidance posted on numerous government websites called on Communist Party leaders to restrict Muslim religious activities during the holy month, including fasting and visiting mosques.

Xinjiang is home to about nine million Uighurs, largely a Muslim ethnic minority, many of whom accuse China’s leaders of religious and political persecution.

The region has been rocked by repeated outbreaks of ethnic violence, but China denies claims of repression and relies on tens of thousands of Uighur officials to help it govern the province.

A statement from Zonglang township in Xinjiang’s Kashgar district said that “the county committee has issued comprehensive policies on maintaining social stability during the Ramadan period.

“It is forbidden for Communist Party cadres, civil officials (including those who have retired) and students to participate in Ramadan religious activities.”

The statement, posted on the Xinjiang government website, urged party leaders to bring “gifts” of food to local village leaders to ensure that they were eating during Ramadan.

Similar orders on curbing Ramadan activities were posted on other local government websites, with the educational bureau of Wensu county urging schools to ensure that students do not enter mosques during Ramadan.

‘Administrative methods’

During Ramadan, Muslims fast from dawn to dusk and strive to be more closer to God, pious and charitable.

An exiled rights group, the World Uyghur Congress, warned the policy would force “the Uighur people to resist [Chinese rule] even further.”

“By banning fasting during Ramadan, China is using administrative methods to force the Uighur people to eat in an effort to break the fasting,” said group spokesman Dilshat Rexit in a statement.

Xinjiang saw its worst ethnic violence in recent times in July, 2009, when Uighurs attacked members of the nation’s dominant Han ethnic group in the city of Urumqi, sparking clashes in which 200 people from both sides died, according to the government.

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Silva/August 28, 2012

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Nuwan Mhahnama, Be a fool, but don’t be an idiot! How can China support democracy in SL while China itself does not have democracy? How can China and you say MR regime was elected by the people? This regime is a rogue regime which came to power by bribing the LTTE for vote blocking and then surviving through vote rigging.

“…China respect our democracy, sovereignty and territorial integrity of People of Sri lankan.Likes Indian,who had been tranined Tamil terrorsist in thier soil ,China will never involve such actvities against any community of Sri lankan…”

What the hell are you talking about? Are you living in the moon? Who provided Norochcholai disaster? What about Hampathota failure? What about China bribing all the corrupt Rajapakshas in massive amounts? China has no interest whatsoever in the democracy here, they are after profits, exploitation, and their strategic political and military expansionism planning in this region. Does China say a single word against the appalling Human Rights violations and corruptions in the country committed by MARA regime, No? Why, because China are an unprincipled nation!

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Lanka Muslim, UK/August 28, 2012

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One car hit a child and ran, another car ran over the child followed by a third running over. The people around watching and ignoring the injured child until the mother came. The mother said “Our people now care more for money than human lives”. This was one news from China few months ago. Govt. officials supported by the Police entered a village and forcibly chased away the people living their traditionally to demolish their abodes to build factories but depriving the poor people of their shelters and traditional means of livelihood and throwing them into misery. That is another. Signs are that Sri Lanka too is following the new Chinese path. Shall we take it?

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Senguttuvan/August 27, 2012

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Real Peace – As Ranil once said, you will never get an SSC or average English from this Medamulana Quartet. For that you must look to Nirupama’s parents and grand-parents – the 1st XI Rajapakses of
Hambantota, if you like – and you will see the difference. As they say, class and calibre cannot be brought. It comes down from the generations.

Senguttuvan

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Senguttuvan/August 28, 2012

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Today’s China is different to the marauding Dyanasties of the bygone
centuries. We must not expect China to give up its claim on Tibet – although she has much space to assuage the free Tibetan people and their freedom of religion and worship. In today’s world, through trade-commerce one can gain the same rewards that was achieved via imperialism earlier. China must do much to assure India she has no designs on Sri Lanka to be used against India from Lankan soil. India
has assured Sri Lanka, over and over again, she has no cause for worry in respect of her territorial integrity. The Rajapakses are satisfied about this but the Buddhist Sinhala supremacists beat the anti-Indian drum to remain in the political spotlight. The Rajapakses will have to do more for the Tamils in the North to get India offer our back.

China is already the virtual leader of World Capitalism and is unlikely
to prejudice her current role in any way. There is no likelihood of WWIII in the foreseeable future unless the Iranians-Arabs miscalculate in “removing Israle from the global map” – as they often threaten.

Senguttuvan

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lal/August 29, 2012

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MR IS THE NUMBER ONE CRIMINAL MAHA RAJA CROOK OF THIS COUNTRY. NOW EVERY ONE IS FOLLOWING HIS STEPS.

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There was an old English movie titled “55 days in Peking” telecast on
TCM (Turner Classical Movies) channel last night (28th Aug).
Very interesting story- an Emprees in China odering all Western Dip;omats to leave Peking if not face consequences- attack by the locals. None left Peking and fought the locals and humiliated the Empress.

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Sri Lanka attitude towards India and China has been clearly shown recently, when a group of Chinese “fishing” in SL territorial waters were arrested by the SL Navy. They were not detained as the normal practice with Indian fishermen who frequently get arrested and detained. The chinese were taken by the Chinese Embassy and released.

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Nuwan Mhahnama/August 30, 2012

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We are not bother of China’s democracy? Ours important is, PRC respect our system of Democray in Island.What We want Sri lankan Capitalist system has been accpect by PR China.And they had been respact Our natioanl Indepandance Soverignty and Tetrrorial intergrity since 1957.
We are freindaly with all over the world.
There is no history of annexed other country LAND by China since 1949.No body cannot denied facts,but can make alligation,is left them their own freedom of West.
One Silva said ‘ be fool..don’t be an idiot’
Learn not insult other, who are NOT share your MYTH.

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China knows how to invade a country by economically choking it.One don’t need to wage war like before, but by making a country in-debt they could control Sri Lanka, and they have done it to many countries. MR could have taken a security guarantee and advise relating to keep his dynasty to face of local and foreign pressure from China. To compensate China MR is selling our valuable lands to them with no transparency and indebting with phony projects. One has to study the MR brothers game plan. This game could also lead to a regional war.

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Ukkurala/September 1, 2012

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The days are nearing. This corrupted regime will go with the blessing of Kapilawastu relic of Lord Buddha.

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Now all departments; bribes, crimes, hypes, etc. is a family run business.

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